ICmarkets

Gold: Technical outlook and review.

FX:XAUUSD   Gold Spot / U.S. Dollar
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Weekly TF: At the time of writing, price is trading just above a weekly decision-point level at 1244.08. In our humble opinion, it may be time to be locking in profits on any shorts one has currently open, and thinking about looking for buying opportunities.

Daily TF: On the daily timeframe price is seen entering within a daily demand area at 1238.41-1254.85. This area of demand appears weak from the deep test seen on 03/06/14 at 1240.23. Nonetheless, price is currently trading around a small, untouched decision-point level (demand) at 1252.02 at the moment, notice this level was not a reaction to anything, and until now remained untouched, let’s see what the 4hr timeframe has to say!

4hr TF: Our pending buy order set at 1262.48 stood very little chance against that huge full-bodied bearish candle (1265.94/1251.46) recently seen, which pushed prices deep within a fresh area of 4hr demand at 1250.15-1253.79. If we see price close above the 4hr R/S flip (resistance) level at 1257.55, we will definitely be looking for longs back down within the aforementioned 4hr demand area, since we see a clear path north up to at least the 4hr supply area at 1271.78-1267.52.

Pending orders/P.A confirmation levels:

• Areas to watch for buy orders: No pending buy orders are seen in the current market environment P.A.C: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.


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